Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of March 27, 2024, three stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
Robinhood Markets, Inc. (NASDAQ: HOOD)
- Robinhood launched its Gold Card, offering a 1% boost on Gold deposits and a redesigned app. The announcement was made at its first-ever keynote event. The company’s stock gained around 12% over the past five days and has a 52-week high of $19.61 .
- RSI Value: 74.63
- HOOD Price Action: Shares of Robinhood gained 1.1% to close at $19.28 on Tuesday.
- Visa and Mastercard Incorporated (NYSE: MA) have reached a landmark antitrust class action settlement with U.S. merchants. “The Settlement Agreement opens competitive doors that have been closed for decades, while providing rate relief to every merchant that accepts Visa or Mastercard credit cards,” said Nobel laureate economist Dr. Joseph Stiglitz, who submitted a declaration on the settlement and its effects. The company’s stock gained around 11% over the past month and has a 52-week high of $61.95.
- RSI Value: 77.72
- C Price Action: Shares of Citigroup gained 1.2% to close at $61.66 on Tuesday.
- On March 22, TD Cowen analyst Bill Kirk upgraded Charles Schwab from Market Perform to Outperform and announced an $87 price target. The company’s stock gained around 9% over the past month and has a 52-week high of $72.94.
- RSI Value: 70.64
- SCHW Price Action: Shares of Charles Schwab fell 0.5% to close at $71.00 on Tuesday.
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